The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking to know where the cash is flowing.
Bookingjini, a travel-tech platform raised an undisclosed amount in a Pre-Series A Round led by Inflection Point Ventures. The funds will be allocated towards both product development and customer acquisition strategies.
The platform offers a smart booking engine, channel manager, guest relationship management, analytics, and mobile accessibility.
Madhukar Bhardwaj, Sr. Vice President, Inflection Point Ventures, says, “Boutique hotels depend heavily on intermediaries to achieve their bookings which leads to heavy commission outflow and marginal gains. Managing sales, customers, managing hygiene, hotel maintenance, guest services, and the ever-expanding digital landscape further complicates their challenges. Bookingjini addresses these issues by providing technology, including a booking engine, guest relationship management system, and a robust customer service. This not only empowers the hotels but also helps in cutting down the cost of traditional intermediaries. Bookingjini’s vision on simplifying hotel operations in an ever-evolving digital landscape is a game changer.”
Sibashish Mishra, Founder & CEO, Bookingjini, says, “I believe in empowering hotels with technology that not only simplifies management but transforms the entire guest experience. Our journey is defined by an unwavering commitment to innovation, a passion for customization, and a dedication to supporting our clients in every step of their growth. In a world where hospitality meets technology, Bookingjini stands as a beacon of seamless solutions, shaping the future of how hotels connect with guests and thrive in the digital era.”
ClearTrust, a leading new-age ad tracking and fraud detection platform, has raised US$1.9 million in a Pre-Series A funding round led by Venture Capital firm Ideaspring Capital with participation from Piper Serica Angel Fund.
Existing investor Alacrity India also participated in the round. Before the new round, ClearTrust had raised $200,000 in seed round from Alacrity India, Limelight UK, and ThinkNext LLC in 2021. Founded in 2020 by seasoned tech visionaries Deepankar Biswas and Raja TN, ClearTrust helps advertising ops, media buying companies and teams worldwide with its state-of-the-art tracking and fraud detection platform. It helps advertisers, agencies and networks to achieve higher ROI on their digital campaigns by removing fraudulent and fake activity from their campaigns, thereby protecting AdSpend and brands’ reputation.
Deepankar Biswas, Co-founder and CEO of ClearTrust, who has extensive experience in media buying and internet, said, “We are all about making online advertising safe and trustworthy. Our ambition is to pioneer paradigm shifts, particularly in combating ad fraud, a challenge that plagues the digital advertising space globally. With a keen focus on expanding into the US market, this funding propels us towards innovating and implementing solutions that ensure the integrity and efficiency of online advertising.”
Cashinvoice, an Indian supply chain finance platform, closed US$3.4 million as a part of its strategic Series A round from institutional investors comprising Pravega Ventures, HDFC Bank and existing investor Accion Venture Lab. The latest round of capital infusion will strengthen the existing business and facilitate the launch of new products across the supply chain finance (SCF) ecosystem. The current financing comes on the heels of a $1 million pre-series A round from Accion Venture Lab in October 2021.
Cashinvoice, through its digital invoice discounting marketplace, delivers customised SCF solutions to anchor companies, including some of India’s top 100 corporates and their MSME partners (both vendors and distributors).
Arun Poojari, Co-Founder and CEO, Cashinvoice said, “India’s Digital Public Infrastructure prowess has allowed lenders multiple data points to assess credit risk beyond the traditional asset-based credit mechanism. Supply chain finance focuses on funding specific transactions and analyses the vintage and velocity of the buyer-seller relationship. It helps MSMEs regularise their cash flows and bring in predictability, which enables them to grow their business and contributes in job creation. With this round, Cashinvoice will continue to build on its capabilities riding on India’s DPI and the sustained growth in trade activities which complements the growing GST collections.”
Shrinivas Kasar, Co-founder of Cashinvoice added, “This strategic investment will enable extended financial inclusion for the missing middle by deploying innovative SCF technologies. It underlines our dedication to transform MSMEs’ cash flow and working capital management, creating a more streamlined and efficient supply chain finance landscape. With this round, we are poised to make a significant impact by expanding our reach to empower thousands of MSMEs linked to over 5,000 anchor corporations and targeting credit support of over $2.4 Billion by FY25”
Piscium, a nanotechnology startup specializing in medical devices, has raised Rs 6 crore in Series A round led by Unicorn India Ventures. The company, renowned for its patented nano-diamond technology, is also recognized by the Department of Scientific and Industrial Research (DSIR) as a leading dental and medical device startup. The funds raised would be used for strengthening the sales & marketing team, brand building, scale up production & operations and launch international business.
Malay Dikshit, Founder & CEO, Piscium, says, “Unicorn India Ventures agreeing to come on board to fund our series A round gives us the much needed impetus and backing to scale up the business into an internationally renowned dental and medical device company in the near future. We also wish to thank SINE-IITB, BIRAC, Friends and Investors who supported and invested in us in our early days. By 2027, over 300k dentists across 5 continents would be using Piscium’s products as we believe that scientific acumen, strong innovation pipeline and an equally strong route to market would be our principal growth drivers.”
Since the last round, the company has enhanced its manufacturing capabilities and vendor ecosystem, developed and launched a wider product range, marking its presence in over 10 states and made inroads in Government E-Marketplace. It has also piloted its marketing strategies to further scale up.
Anil Joshi, Managing Partner, Unicorn India Ventures, says, The Prevalence of chronic & stress related diseases is escalating, with medical research highlighting a significant uptick in such cases. At Unicorn, our comprehensive analysis of this sector led to our investment decision, particularly witnessing the company’s rapid growth fuelled by its innovative products. These patented innovations have received widespread acceptance within the dental community and exhibit extensive potential for global market expansion. Piscium is also actively building its OEM business and forging strategic partnerships. We strongly believe that Piscium’s future innovations in this domain will unlock substantial growth opportunities.”
River, a Bengaluru-based startup building multi-utility electric scooters, has announced a $40 million (335 INR Crores) Series B led by Yamaha Motor Co., Ltd. The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility.
“We are impressed by the progress that River has achieved in such a short span of time, especially with the strong focus on design and technology. We are excited about the conviction that Aravind and Vipin have for River and how Yamaha can support the company to achieve this”, says Hajime “Jim” Aota, Chief General Manager of New Business Development Centre, Yamaha Motor Co., Ltd.
This round takes the cumulative fund raised by the company to $68 Million (565 INR Crores) since its inception in March 2021. With this funding, the company plans to scale the distribution and service network across the country and invest further in R&D for future lineup of products.
“It’s been a pleasure to watch River grow since our first investment in 2023. Indie made a strong debut in the Indian market and stands out from anything that is out there. We also see strong potential for Indie in many international markets. We are excited about the next phase of growth for River both inside and outside India”, said Paul Willis, CEO of Al-Futtaim
Keus Smart Home, a smart home automation company, announced the successful completion of its first external funding round, securing a substantial INR 100 Crores from leading PE player OAKS Asset Management. The OAKS Consumer Fund, a distinguished mid-market PE fund, led the round with Rs.80 crores and the company’s founders, Brijesh Chandwani and Subram Kapoor, participated in the round for the balance.
This funding round into Keus is the largest amount invested in the smart home automation segment in India by any player. OAKS Asset Management is known for investing in scalable consumer businesses led by experienced entrepreneurs. This investment by OAKS marks a significant milestone for the company as well as the home automation category. The company will utilize the funds by launching new experience centers in major cities, including Delhi NCR, Bangalore, Pune, and Mumbai, expanding in Tier I & II cities, and consolidating its position as a market leader in Hyderabad. The funds raised will also be utilized to develop new product offerings in home automation and lighting, and strategically position the brand in the premium homes segment.
Brijesh Chandwani, Managing Director and Founder of Keus Smart Home said, “We are clearly witnessing a rising tide in the Smart Home landscape in India. Today, the aspiration for modern residences to have sophisticated and automated living spaces is no longer a dream but a tangible reality due to Keus. We are excited about this partnership with OAKS and committed to pioneering innovation, expanding our business horizons and putting India on the global map in the smart home space. We are confident in our capability to redefine the industry and set a new consumer design and hardware innovation benchmark for India”.
Ivory, a age-tech startup specializing in brain health, has successfully raised 500K USD in a funding round led by early-stage VC fund – Capital A. TDV Partners (Ujwal Sutaria) and several notable angel investors including Abhishek Kabra (MD, Samara Capital), Tushar Vashisht (Co-Founder and CEO, HealthifyMe), Abhishek Ganguly (Co-Founder and CEO, Agilitas Sports) and Rajeev Singh (VP, SAP India) were among others who also participated in the round. With this funding injection, Ivory aims to expand its reach to over 15 million elderly Indians at risk of dementia, marking a crucial stride in the largely unaddressed domain of neuro wellness.
Ivory is dedicated to confronting the challenge of dementia among individuals aged 55 and above with its innovative platform, which integrates curated content, personalized consultations, and gamified activities aimed at assessing and reducing the risk of dementia.
Issac John, Co-Founder and CEO, Ivory, said, “Historically, there has been insufficient attention and understanding of Dementia, especially in India. The lack of symptom identification tools combined with scant access to high-quality neurological advice at the right time makes this a pressing problem for every Indian household with an aging parent. Urban seniors, particularly those living alone, face challenges in monitoring cognitive health, exacerbated by pandemic-induced isolation. With this fundraise, our aim is to bridge these gaps by offering a tech-driven platform that makes clinical tools and expertise for better brain health accessible to millions of Indians.”
Adding further, Rahul Krishnan, Co-founder and Chief Product Officer, added, “At Ivory, we’re developing a pioneering platform dedicated to the cognitive wellness of seniors and cultivating healthy brain habits. We offer a diverse range of interactive content, social games, neuroscience-backed assessments, and comprehensive wellness programs aimed at enhancing cognitive well-being and mitigating the risk of brain-related ailments such as dementia.”
PlanckDOT, an Indian Data Center startup secured funding at a valuation of $20 million. PlanckDot has secured precise funding of USD 1.6 million from HNI Angel Investors. The funds will be utilized by PlanckDot for research, marketing, and team building initiatives.
Going by its values of “Green, Secure and Scalable” PlanckDOT specialize in setting up Edge and Hyperscaler data centers that are carbon-neutral, efficient, secure, and reliable focusing on innovations in cooling and adapting new technologies on IT network side to effectively reduce PUE ratio even further.
Ali Ahmed Saleem, CFO & Co-Founder, Planckdot said, “We have raised this funding to bring the much needed change in the newer digital India while staying committed to making these power guzzlers net zero by 2030. Our focus is to create a transformative change in the data center space through collaborations and research. PlanckDOT is poised to be at the helm of India’s data center expansion and growth due to the demand for digital services and cloud computing, according to CBRE, India plans to invest $20 billion in digital infrastructure and we and our customers are committed to become a substantial part of this expansion.”
“We have recently launched two of Tier III compliant edge data center facilities of our customers and a total of seven more are on the cards to be delivered soon. By the end of the year we are bound to increase our data center numbers by thirteen times the numbers we have achieved till now.” Says Ali, “The financial impact is substantial, and the environmental benefits are equally significant in terms of reduced carbon footprints.”
Optimizers, a hospital-based optical retail chain, incubated by India Accelerator, raised an undisclosed amount of funding in the seed round led by Finvolve. The round also witnessed investments from other players through Brew Opportunities fund and Recyclean Infotech Private Limited.
The raised funds will be employed to bolster Optimizers’ footprint in key regions and broaden their state coverage throughout India. Additionally, a portion of the funds will be allocated for strengthening LitHous Training Academy, advance ERP and acquiring sufficient inventories to support the expansion. This strategic use of capital aims to strengthen their market position and enhance operational capabilities in the targeted geographies. Ultimately, the focus is on sustainable growth and increased market share.
Founded in 2020, Optimizers® is a hospital-based optical retail chain that partners with leading corporate hospitals like EyeQ Superspeciality Eye Hospitals, Institutes like CL Gupta Eye Institute, renowned private and charitable hospitals across Haryana, Punjab, Delhi, UP and Rajasthan.
Munish Bhatia, Co-Founder, India Accelerator & Vertical Partner -Impact Labs, said, “Myopia cases in India have jumped to 26% in the last 2 years and one of the “most common causes of this acceleration is the lack of early and correct diagnosis and dispensing of lenses. At India Accelerator Impact Labs®, we see this as a dire need that needs addressal to save the Next Half Billion Lives falling prey to curable blindness, and Optimizers is one such promising innovative solution. They are very well positioned in this domain having been trusted partners of many eye hospitals, and centers and have shown 3X upstick growth both in operations and revenues. Where India loses close 1.5 Lakhs Crores of potential in economic and social prosperity due to incorrect optical dispensing, Optimizers® strategy is to percolate tier 2, 3 beyond cities will reflect in a positive change. Asides being their first institutional investors, we are proud to be supporting the team on a mission to eradicate curable blindness from India by connecting them with networks of doctors and helping expand to other geographies in India.”
Metalbook, a digital platform for the global metals supply chain, announces launching of new business verticals, product categories and a user friendly, tech-first app post its Series A funding round of $15 million. The round was led by Rigel Capital, with participation from FJ Labs, as well as existing investors, Axilor Ventures, Foundamental, Stride Ventures, Trifecta Capital, and others.
Founded in 2021, Metalbook helps enterprise & SME customers through their entire metal manufacturing & procurement cycle, including buying, selling, excess inventory liquidation, customization, logistics, financing, e-auctioning, scrap recycling, credit & project management solutions.
Raghavendra Pratap Singh, Co-founder, Metalbook said, “Our expanded global footprint and entry into new metal categories exemplifies our commitment to serving a diverse range of industries. As we look to the future, we feel that our solid foundation of integrity, innovation, customer centric approach and sustainability will enable us to achieve growth and profitability at scale. We want to make sure that there is enough of a track record for market investors to look at before we plan for an Initial Public Offer (IPO) in 4-5 years.’’
Nandan Venkatachalam, Principal at Axilor Ventures, that led the company’s seed round in 2022 commented, “Metalbook has demonstrated strong, capital efficient execution and ability to expand into new verticals. They have emerged into one of the fastest growing marketplace businesses in the world. We are glad to double down on this round as they continue to build out their global footprint and add new business verticals.
As digital transformation accelerates, ensuring accessibility remains crucial for millions of Indians with disabilities. Addressing…
I think OpenAI is not being honest about the diminishing returns of scaling AI with…
S8UL Esports, the Indian esports and gaming content organisation, won the ‘Mobile Organisation of the…
The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking…
Colgate-Palmolive (India) Limited, the oral care brand, launched its Oral Health Movement. The AI-enabled initiative…
This fast-paced business world belongs to the forward thinking organisations that prioritise innovation and fully…